Finance Act 2004

Part 3 U.K. Intangible fixed assets

Excluded assets: assets in respect of which capital allowances previously made U.K.

71 U.K. In Part 10 of Schedule 29 to the Finance Act 2002 (c. 23) (excluded assets), after paragraph 73 (rights over tangible assets) insert—

“Assets entirely excluded: assets in respect of which capital allowance previously made U.K.

73A (1) This Schedule does not apply to an intangible asset of a company in the following circumstances.

(2) The circumstances are that—

(a) the asset falls to be treated as an intangible asset in accounts of the company,

(b) in a previous period of account the asset fell to be treated as a tangible asset in accounts of the company, and

(c) an allowance under Part 2 of the Capital Allowances Act (plant and machinery allowances) was made to the company in respect of the asset on the latter basis.”.

Adjustment on change of accounting policy U.K.

F1 72 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 Sch. 10 para. 72 repealed (7.4.2005) by Finance Act 2005 (c. 7), Sch. 11 Pt. 2(7)

References to amounts recognised in profit and loss account U.K.

73 (1) In Part 15 of that Schedule (interpretation) paragraph 134(a) (references to amounts recognised in profit and loss account) is amended as follows. U.K.

(2) After “statement of total recognised gains and losses” insert “ , statement of changes in equity ”.

F2 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2 Sch. 10 para. 73(3) repealed (7.4.2005) by Finance Act 2005 (c. 7), Sch. 11 Pt. 2(7)

Consequential amendments U.K.

F3 74 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F3 Sch. 10 paras. 74-76 repealed (7.4.2005) by Finance Act 2005 (c. 7), Sch. 11 Pt. 2(7)

F3 75 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F3 Sch. 10 paras. 74-76 repealed (7.4.2005) by Finance Act 2005 (c. 7), Sch. 11 Pt. 2(7)

F3 76 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F3 Sch. 10 paras. 74-76 repealed (7.4.2005) by Finance Act 2005 (c. 7), Sch. 11 Pt. 2(7)